(Christina) I am in the process of buying a house and we are closing in 3 weeks. My lender asked me to explain two negatives on my credit, one being an $88 medical bill from 2009 that I was unaware of. I did not realize this was for underwriting purposes only, so yesterday I called the collector to find out about the account, and paid it in full thinking it would help. My lender then told me this would “dramatically” impact my credit in a negative way. After reading about the “Fair Isaac” decision on no penalty for paying off a debt collection in full, I am doubting what my lender told me. With three weeks until closing, how quickly might this be reported to my credit, and what impact might it have on my closing? We have been approved for FHA and losing this house over paying an $88 debt will be crushing for us. Thank you. (more…)
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Posts Tagged ‘score’
